Apple Invest USD 1 billion in India through Partners
Apple is set to commit USD 1 billion in India through its partners, Times of India reports, citing an unidentified source. Its aim: Export ‘Made in India’ iPhones to its international markets. Contract manufacturer Foxconn Technology will be the investment partner for Apple’s latest local push. The move comes on the back of fraught US-China trade ties amid sustained efforts by New Delhi to woo global manufacturers. Apple presently makes iPhone 6S and 7 in the country, but is ‘seeking
clarity’ on India’s export incentives to assemble more models locally.
The move by the US electronics giant comes at a time when the US and China are engaged in a trade war, prompting companies which are heavily dependent on manufacturing in China to look elsewhere for making their products. “Apple will be investing USD 1 billion in India through its partners. They have said the production will be used for meeting the demand for its products across global markets,” an official source told TOI.
Foxconn, Taiwan’s contract manufacturing behemoth and the biggest production partner for Apple globally, will be investment partner for the iPhone maker’s latest push. It’s Chennai based factory will be deployed in action to manufacture for Apple’s global markets. Also, a host of component suppliers to the company will be making investments in the region for local push.
"Apple will be investing $1 billion in India through its partners. They have said the production will be used for meeting the demand for its products across global markets," an official source told The Times of India. Speculation is rife that the behemoth is now planning to begin export of 'Made in India' iPhones across the world. This development comes amid the escalating US-China trade war, prompting companies which are heavily dependent on China-based manufacturing to set up alternative supply chains.